Federal debt weighs heavy on the US post 1971

How times change: in 1960, when the US currency was still tied to gold under the Gold Standard, the size of the country’s federal debt was just over half of the nation’s gross domestic product (GDP).

Today, US federal debt stands at about $28tn. This is equivalent to roughly 130% of the country’s GDP, with the impact of COVID-19 stretching government spending even further.

Find out more from the Congressional Budget Office.